WASHINGTON (MarketWatch) -- Federal Reserve Gov. Jeremy Stein on Tuesday night said the central bank needs to worry less about market volatility in its communications as he noted the feedback loop current policy encourages. "There is always a temptation for the central bank to speak in a whisper, because anything that gets said reverberates so loudly in markets," Stein told an audience at New York University. "But the softer it talks, the more the market leans in to hear better and, thus, the more the whisper gets amplified. So efforts to overly manage the market volatility associated with our communications may ultimately be self-defeating," he said. Stein cited as an example the jump in long-term yields last summer in reaction to comments from then Federal Reserve Chairman Ben Bernanke on the asset-purchase program, even though the New York Fed's survey of primary dealers indicated little change in expectations of the size of the program.

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